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MZ Group and Gateway Group are handling the merger of American Battery Materials and Seaport Global Acquisition Corp. via a SPAC deal valued at $225M.
ABM, which owns 102 federal mining claims in eastern Utah, is an exploration stage company focused on environmentally friendly direct lithium extraction. It claims DLE is more cost-effective and less capital intensive than traditional mining processes.
Sebastian Lux, co-CEO of ABM, said merging with Seaport and listing on the NASDAQ, will accelerate development of its projects in Utah and beyond to capitalize on the growing global demand for lithium in electric auto batteries.
ABM investors are rolling over their equity and will control 70 percent of the combined company when the deal closes during the fourth quarter.
MZ Group’s Michael Kim handles ABM, while Gateway Group’s Ralf Esper represents Seaport.
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